Options for Your College Grad’s Student Loan
If your newly graduated son or daughter is returning home from college, then you may be considering how best to get him/her started on a path toward independence.
Offering guidance in finding a job and emphasizing the importance of saving money are among first steps in helping your adult child become self-reliant. But with college tuition more expensive than ever and employment obstacles facing new graduates, many parents find themselves with kids who remain jobless, unable to save money, and at a loss for paying back low-interest student loans.
At Popular Community Bank, we get you,
and we want to help you get your college grad on the road to success.
Although there’s no specific product for paying back student loans, there are helpful options to prevent and manage college tuition debt. For example, parents who are homeowners can leverage equity in their homes with a home equity line of credit to finance and pay back loans for college tuition. The good news is, our rates are generally lower than government loans, and the interest you pay may be deducted from your taxes. (Consult with your Tax Advisor).
Preemptive approaches, of course, include investing in college savings plans long before the first tuition bill hits. At Popular Community Bank, our financial consultants are trained investment experts who can help you work through the numbers and decide which plan best suits your unique needs.
Our financial consultants consider
- The average cost of college today
- An estimate of total tuition costs at the time your child will enter college
- Additional expenses involved with out-of-state tuition
- What programs offer low or no tax
- How much you can afford each month
At Popular Community Bank, you’re never a number in a portfolio. We listen to you, carefully consider your desires and needs, and then recommend options that can help you.
If you’re ready to get started, we are too!
To find a Popular Community Bank branch nearest you,
search our branch locator.
Then give us a call.
Our financial consultants are waiting to speak with you now.